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The PM’s Labour party is insistent on trying to pass a law to ban foreigners from buying certain types of homes in order to help bring down property prices.

The party also plans on passing measures to build 100,000 affordable housing units in a decade.

These plans come as the country has some the highest rates of homelessness within the developed world.

Furthermore, these measures are expected to fix New Zealand’s zoning and infrastructure woes while boosting its declining construction industry.

Foreigners could be banned from buying property in New Zealand (Image: GETTY)

The government says citizens are being priced out of buying homes (Image: GETTY)

The bill is expected to pass next week and it will allow foreigners to buy new apartments in large developments and multi-storey blocks, but existing homes will be off-limits.

People from Australia and Singapore will be exempt form the ban on the grounds of the existing free trade rules.

The Minister for Trade and Economic Development, David Parker, said it isn’t just about the housing prices.

Mr Parker told The Daily Telegraph: “In this world of concentrating wealth, we don’t want this coterie of ultra-wealthy people overseas being able to outbid successful New Zealanders for what is our birthright, not theirs.”